FCPT Announces Disposition of a Burger King property for $2.1 million
02/03/2021 | 05:46pm EDT
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Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the disposition of a Burger King property for $2.1 million. The property is located in Tennessee and is leased to a subsidiary of Carrols Corporation under a triple net lease with approximately sixteen years of term remaining. The transaction was priced at a 5.75% cap rate on rent today, exclusive of transaction costs. The sale is the result of an unsolicited offer from a local buyer, Lineberry Properties, Inc.